As a lawyer, I would advise that when creating an estate plan, it is important to consider all of your assets, regardless of their value. This includes any real property that you own, such as your home or rental property, as well as personal property, such as vehicles, jewelry, collectibles, and any other valuable items.
You should also consider your financial assets, including bank accounts, investments, retirement accounts, and life insurance policies. It is important to ensure that these assets are properly titled and designated to pass to your intended beneficiaries.
In addition, if you own a business, you should consider including plans for the future management or transfer of the business in your estate plan.
It is important to note that certain types of assets may have limitations or exceptions when it comes to estate planning. For example, if you own property that is subject to a mortgage or other lien, the lender may have certain rights to the property in the event of your death.
Furthermore, if you have any debts or liabilities, these should also be taken into consideration when creating your estate plan. It may be necessary to include provisions for payment of these debts or liabilities from your estate.
Overall, it is important to work with an experienced estate planning attorney to ensure that all of your assets are properly accounted for and that your estate plan reflects your wishes and objectives.
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